- Nigeria
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AKSG Increases Tax Reliefs
The Akwa Ibom State Board of Internal Revenue has briefed the media on the objectives, gains and challenges of the board in the first part of the year 2020. The event which took place at the Central Business Area, Udo Udoma Avenue, Uyo, Akwa Ibom State held at the end of the first meeting of the Board for the year 2020. The board, through its chairman, Mr Okon Okon, informed that it was delayed due to the Covid-19 pandemic
Briefing the newsmen drawn from all sectors of the media, the new and traditional, the chairman made available a detailed report on the policies and engagements of the Board for the year 2020. He emphasized on the state government's offer of tax incentives to specific sectors of the state economy as part of her post-COVID-19 economy recovery strategies. "As part of the Akwa Ibom State government's response to the impact of COVID-19 on businesses and individuals, the Akwa Ibom governor, Mr Udom Emmanuel, has graciously approved the following Tax reliefs to our esteemed taxpayers: "Extension of deadline for filing of individual income tax return for 2019 from March 31, 2020 to September 30, 2020; Waiver of penalties charged for late payment/remittance of taxes for 2020; Waiver of Interest charged for late payment/remittance of taxes for 2020 for tax year; Waiver of Business premises levy for small and Medium Enterprises (SME) with maximum annual turnover of Five Million Naira (5,000, 000.00) for 2020 tax year ending December 31, 2020. Other incentives are: Waiver of Economic Development Levy for Small and Medium Enterprises (SME) with maximum annual turnover of five million naira (5,000, 000.00) for 2020 tax year ending December 31, 2020. Suspension of Specific Road Levies including daily ticketing, Stickers, emblems and haulage fees for 2020 tax year and a grant of 25 per cent discount on Personal Income Tax for traders in all the markets for 2020 tax year. He further thanked the state governor, Mr Udom Emmanuel for bending back on what are statutory revenues and offering the tax incentives to allow Akwa Ibom citizen space to re-adjust to the realities of the effect of the COVID19 pandemic on the economy. The chairman also took time to satisfactorily attend to all questions and concerns raised by the press at the briefing which attracted an appreciation from media. He spoke extensively on the efforts by the state government to harmonize tax enforcement in the state and promised that in no time, issues of double taxation will be a thing of the past. On his part at the end of the briefing, Mr Amos Etuk, chairman, Nigeria Union of Journalists, Akwa Ibom State Council, thanked the chairman for his commitment to the task of generating revenue for Akwa Ibom State and appreciated him for the innovation of briefing the press on the goings in the tax revenue in the state which he noted will help in properly informing the public on tax practices in the state.
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